Pets At Home half-year profit drops as freight, energy costs jump – Reuters

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Nov 23 (Reuters) – Britain’s largest pet supplies retailer Pets At Home (PETSP. L) reported a lower first-half profit on Wednesday, hurt by a surge in freight and energy expenses amid rising inflation.

The company, which also offers grooming and veterinary services, said its underlying profit before tax for the six months ended Oct. 13 fell 9. 3% to 59. 2 million pounds ($70. 37 million).

“In a challenging macro-environment, the pet care industry remains in growth across all channels, and we have continued to acquire new customers at an impressive rate, setting new records for customer numbers in recent months, ” Chief Executive Officer Lyssa McGowan said.

Pet buying and adoption, which was on a rise during the pandemic, with pet parents spending more time at home has not cooled off despite a rising cost of living crisis in Britain that shows no sign of easing. But demand for more expensive accessories seem to be waning.

The company, founded by British businessman Anthony Preston in 1991, maintained its full-year guidance.

($1 = 0. 8413 pounds)

Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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